To avail a home loan under the PMAY scheme and enjoy its benefits, you must meet the eligibility criteria and submit the necessary documents. Read on to know about the essential documents you must provide.
The Pradhan Mantri Awas Yojana, which was launched in June 2015, is one of the most ambitious housing projects of the central government. Under the scheme, the government plans to build more than two crore affordable units across different cities in India, and provide a credit-linked subsidy on home loan interest to all first-time home buyers.
Features of Pradhan Mantri Awas Yojana
- PMAY encourages women to be homeowners and therefore if you avail a home loan under PMAY, the property must be registered in the name of a female family member, or she must be one of the co-owners of the property.
- To help people from the EWS (Economically Weaker Section) and LIG (Low Income Group) buy or build their own home, under the PMAY scheme, the government provides a subsidy of 6.5% on home loan interest rate for 20 years from the start date of the loan.
- As per the scheme mandate, the houses are built using eco-friendly technology
- During the allocation of homes, preference will be given to senior-citizens and differently-abled people to allocate houses on the ground floor.
Apart from the above features, there are many other benefits. But, to be eligible for the PMAY benefits, you must meet its eligibility requirements and submit certain documents related to your income, the property you wish to buy, identity and more. Let us look at the essential documents required for Pradhan Mantri Awas Yojana.
Proof of Identity and Residence
For identity proof, you can submit any one of the following documents:
- PAN Card
- Voter ID
- Aadhaar card
- Driving License
- Passport
- ID card issued by any government body
For residential proof, you can submit any one these documents:
- Aadhar card / Passport / Voter ID card
- Latest electricity bill
- Rent agreement on stamp paper
- Bank account statement
- Last three months credit card statement
- Life insurance policy
- Municipal tax receipt
Proof of Income
- Salary slips of last two months
- Bank statement of the salary account for the last six months
- Latest form 16
Property-related documents
For resale homes
- Copy of the title deeds including previous chain of property documents (as applicable)
- Copy of agreement to sell
- Copy of the payment receipt made to the seller
For new homes
- Copy of the Buyer agreement/allotment letter
- Receipt of the payment made to the builder/developer
For the construction of homes
- Title deed of the land/plot where you wish to construct the home
- Proof of the no encumbrance
- Construction estimated provided by a civil engineer or an architect
- Copy of the construction plan approved by the local authorities
Now that you are aware of the exhaustive listed of documents required for PMAY make sure to keep your documents ready before you approach a lender for the loan. Keeping the documents available beforehand will help you avoid the last-minute hassles.
